The Commodity Futures Trading Commission has adopted amendments to its regulations regarding periodic and annual reporting requirements applicable to commodity pool operators.

The amendments specify detailed information that must be included in the periodic account statements and annual reports for commodity pools with more than one series or class of ownership interest.

They clarify that the periodic account statements must disclose either the net asset value per outstanding participation unit in the pool or the total value of a participant’s interest or share in the pool.

They extend the time period for filing and distributing annual reports of commodity pools that invest in other funds.

The amendments codify existing commission staff interpretations regarding the proper accounting treatment and financial statement presentation of certain income and expense items in the periodic account statements and annual reports.

They also codify exemptions staff has provided to CPOs that operate offshore funds that elected to use non-US GAAP in the preparation of pool financial statements.

The amendments streamline annual reporting requirements for pools ceasing operation, and clarify and update several other requirements for periodic and annual reports prepared and distributed by CPOs.

The amendments will become effective 30 days from publication in the Federal Register; changes that affect annual reporting requirements will be applicable to commodity pool annual reports for fiscal years ending 31 December 2009 and later.